Court sets Eaton Ferry sale date

Property owned by Eaton Ferry Sales and Service on North Carolina 903 is scheduled to go on the block at a foreclosure sale Sept. 5, according to documents filed with the Warren County Superior Court Clerk’s office.

The sale, set for noon on that day, is to be administered by William White, a Roanoke Rapids attorney representing BB&T, which is a secured creditor for the property.

The filing states the property is to be sold on behalf of Eaton Ferry Sales and Service, Duane White Land Co., and Ronald Duane White, as part of a Chapter 11 bankruptcy petition filed in January 2006.

Additional information was not available Tuesday.

In a separate ruling involving the sale of land by D&M Land Co., LLC, U.S. Bankruptcy Judge A. Thomas Small has ruled that Gaston Pointe Properties Inc. cannot earn a commission on the sale of property owned by D&M.

The property, 8.87 acres on Glenwood Avenue in Raleigh, is subject to a $5,154,612 secured claim by BB&T and a $40,000 secure claim by Instant Money Inc.

D&M filed for Chapter 11 protection on Jan. 20 of this year, and prior to the filing had entered into an agreement with Graham Realty Inc. to sell the property for $6 million, with a 6 percent commission paid to Graham. However, a third of that commission, or 2 percent of the sales price, was to be returned to Gaston Pointe Properties.

The court documents show Macon White, the licensed broker in charge at Gaston Pointe, is also the majority owner in D&M Land Co.

“The Gaston Pointe Properties … is clearly an insider and not disinterested, and the court cannot sanction the payment of a 2 percent co-broker commission. … Accordingly, the court will not allow the 2 percent co-broker commission or any part of the broker commission to be paid to Gaston Pointe Properties.”

The court also ruled that Graham Realty may receive a 4 percent commission, and ruled that the sale could proceed.